If your current home, or a property you plan to buy, is valued at £750,000 or more, you may need high value home insurance. Many standard home insurance policies set a maximum rebuild cost at around this amount, so it is worth considering insurance providers that specialise in high net worth clients to make sure you have the right level of cover.
We explain how high net worth home insurance differs from standard policies, which providers offer it, and how to find a suitable policy for your needs.
What is high net worth home insurance?
The Financial Conduct Authority (FCA) defines a high net worth (HNW) customer as someone with an annual income of at least £300,000, or net assets of £3 million or more, excluding their main home and pension. Customers who fall into this category may be offered a more flexible and tailored approach across financial services, including home insurance.
Standard home insurance products may not offer the level or breadth of cover needed for higher value properties. High net worth home insurance is designed for homes and estates that go beyond the limits of typical policies. For example, high value homes may involve non-standard construction, such as a Grade II listed manor house or a large self-build eco home set within several acres of land.
Higher value homes also tend to contain higher value contents. This may include premium appliances, designer clothing, fine art, antiques, or other specialist collections. High value home insurance is usually tailored to the type and value of the assets you need to protect.
How to access high value property insurance
Arranging the right level of cover and policy type for premium assets often needs professional guidance. Specialist home insurance brokers work as intermediaries and understand the specific requirements of high net worth clients.
They offer a discreet and personal service, carrying out detailed assessments of your property and contents to help make sure there are no gaps in cover. They may also play an important role in negotiating terms with specialist underwriters. In some cases, you may be able to insure multiple homes under one policy, as many high net worth insurers take a portfolio-based approach.
Choosing the right insurer for high value homes and contents is essential to making sure your policy reflects the unique needs of your property.
Benefits of using a high value home insurance provider
High value home and contents insurance policies usually offer a bespoke approach, while standard home insurance policies are often arranged in fixed tiers. If your home and possessions are worth more than average, a bespoke home insurance provider and policy may offer several advantages, including:
- A policy tailored to your higher value property and belongings
- Higher limits set out in the policy wording
- Broader cover, often including ‘all risks’ protection rather than excluding certain events as unclaimable
- Worldwide cover for contents and valuables, often included as standard
- A more personal claims service, rather than being directed through general call centres
High net worth customers may also be able to access specific clauses that are not usually available with standard insurance policies. For example:
Trace and access: Standard policies often restrict the amount payable for finding a leak. High net worth policies may offer much higher, or sometimes unlimited, trace and access cover. This can be important where expensive flooring, walls, or integrated plumbing need to be removed to locate a burst pipe.
Pairs and sets: If one item from a pair or set, such as an earring or antique chair, is lost or damaged beyond repair, the insurer may pay for the full replacement of the set, rather than only the individual item.
Agreed value: High net worth policies may allow items such as watches, jewellery, or art to be insured at an agreed value, based on a recent valuation. This can help avoid disputes over value at the point of claim.
Cyber and identity theft: Many modern high net worth policies include personal cyber cover, helping protect against risks such as ransomware, social engineering, and identity fraud.
Warranty-free cover: Some high net worth policies have fewer void clauses. For example, cover may still apply if you forget to set the alarm one night and your home is burgled.
Insurance providers available
Many high value home insurance policies are linked to private banking services as part of wider wealth management arrangements. However, there are many providers offering this type of cover, and each may have different features and benefits.
Some examples are listed below, although it is usually best to speak to a broker with experience in arranging high net worth home insurance. As well as being able to search the wider market and compare options against those offered by your wealth managers, brokers may also provide access to insurers that are only available through an intermediary.
Barclays – Offered through its wealth management division, Barclays policies are known for high inner limits on jewellery and the option to cover multiple properties within a single portfolio management structure.
John Lewis – Its high net worth home insurance, often underwritten by specialist partners, is designed for customers who need higher than average contents cover. It may suit homes that sit just within the high net worth bracket but still need the flexibility of bespoke underwriting.
Chubb – Often viewed as a leading specialist in this market, Chubb offers high net worth home insurance through its Masterpiece policy. This can include rebuilding your home to its original specification, even where the cost is higher than the policy limit.
Zurich – Zurich high net worth home insurance may be suitable for clients with global estates, thanks to its strong international capabilities. Policies may also include lifestyle covers, such as annual multi-trip travel and identity theft assistance.
Hiscox – Hiscox offers 60-day worldwide cover and has particular expertise in fine art insurance.
AIG Private Client Group – AIG serves ultra-high net worth clients with global property portfolios.
NFU Mutual Bespoke – NFU Mutual Bespoke can be well suited to large country estates, thatched roofs, and listed buildings.
Frequently Asked Questions
Mid net worth home insurance is aimed at households that have moved beyond the limits of standard policies but do not meet the FCA’s high net worth thresholds of £300,000 annual income or £3 million in net assets.
These policies typically suit homes with contents valued between £75,000 and £250,000. While high net worth insurance usually offers fully bespoke underwriting and potentially unlimited buildings cover, mid net worth policies are often enhanced versions of standard home insurance, with higher limits and fewer restrictive warranties. In many cases, the highest tier of a traditional home insurance policy may be enough to cover a mid net worth home.